Ferguson revealed the situation left him with doubts over his future at ICT.
He said: “As the summer went on I was having second thoughts because a lot of people advised me not to come back.
“I was hearing things behind the scenes that the club was going into administration.
“That was a worry.”
Savage, a former ICT chairman, was brought in to look at the finances. He also invested in the club.
He said losses since 2019 had amounted to between £5.5m and £6m, and dropping down to the Highland League had been a potential worst case scenario.
But he added: “I think the club will always exist.”
Savage said there was potential for the club to win promotion and bring money in by develop young players.
He said: “If we could have a reasonable football team we could play in the Championship and then through the youth academy you might find another Ryan Christie – or a Messi – somebody that tips the thing upside down.”
Ferguson said he understood fans’ frustration, but urged them to get behind the team.
He said: “It’s really important that the club is successful and part of the community.”
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